The U.S. Department of Agriculture will release the June WASDE Report at 11 a.m. Central Time this coming Thursday, June 10th.
Matt Bennett – founding partner of AgMarket.Net – joined IARN’s daily market podcast on Friday to break down some of the expectations in the upcoming report.
“Typically, the June WASDE doesn’t have a lot of changes, but I tell you what, there’s been a lot going on in the way of demand,” said Bennett. “It sure seems to me that they could make an adjustment in corn usage for ethanol pretty easily. As far as beans are concerned, I just don’t expect much an adjustment. I don’t think they can or will go under 120.”
Bennett addresses ongoing frustrations U.S. farmers have had with surprises in recent USDA reports.
“I think one thing that has hurt and frustrated a lot of producers is that you came in 2019 and 20 at the end of the year on your September quarterly stocks and you basically dropped stocks by about 300 million bushels versus trade estimates both years,” said Bennett. “There’s a lot of frustrated farmers. What can the USDA do? I think just continue to work harder to get more transparency.”
For more information, visit agmarket.net.